Re: Never co-sign a loan. Never, ever ever.

haulingthescoreup wrote:

tonyaether wrote:

Thanks for input everyone. I do want to clarify, we are not in a community property state. It's equitable distribution here. I guess my apprehension comes in the nature of everything. I was a single mother for a long time and had to scrape my way back through credit and financial issues. I am sure part of it is me not wanting to allow someone to jeopardize that. Up until this point I could handle things on my own if it came to that and there is still some security for me in that. That is probably residuals from always being in control.... Who knows and I won't get Dr. Phil on it (even though I already did).... However the largest part of my issue is that I need to maybe see more from him first in helping his own situation. I haven't seen the effort that I need to see to feel ok enough to "let my guard down". It's definitely something I will need to really think about. I am a prepare for the worst type of person (pessimist if you will). This really has nothing to do though with insensitivity, lack of love/caring, or not having his back. It's more like hauling said, I don't want to be an enabler. Either way, bottom line is that I need to make a choice I can live with.

There's a difference between a hand up and a handout.

Good luck to you. That's a tough position to be in, but it's probably an important stage in your relationship. And in the end, you do have that original responsibility to your kids, before anything else that comes along later. Hope it works out for you!

I would never co-sign... my fiance and I have seperate bank accounts... I have a savings and checking that I had before we met, I added him to both accounts... He has a checking account locally, he added me as a joint...

I have added him as an AU, because literally I trust him not to go buy a bass boat with the CC... the only one he really uses is the American Express, but that's because I told him how reward points work.

What I would and did do.... I paid off his vehicle. Yes I love this man, and I will build a life with him. He had 5 yrs left on the loan for a 2008 Dodge Nitro. It wasn't a fancy vehicle by no means. I had the choice, I could have paid off his loan at 22% interest. Or I could have paid off my own student loans which were at 7% interest. We were at the point in our relationship where I felt like what was his was mine and that what the lord blessed me with I should share. He never even asked. I had to ask him if I could do it, because he wanted to let the loan report for at least one yr. Now its gone

So actually, this works out because we have 3 cars between the two of us. My Volvo and his Dodge is paid for. I still owe on the truck, but its financed with NFCU at 4% Not bad. Joey makes 65k per yr, and he trusts me to manage our money, both mine and his, in a way that will benefit us in our lives together. Couldn't ask for more than that.

Re: Never co-sign a loan. Never, ever ever.

closest Ive ever been to cosigning a loan was adding a ex as an auth user on a CC I had, and watching her spend 2k on it that she eventually never paid back. That was enough for me to realize that unless we are legally married, nothing credit wise will be joint.

Re: Never co-sign a loan. Never, ever ever.

jetsfan2012 wrote:

closest Ive ever been to cosigning a loan was adding a ex as an auth user on a CC I had, and watching her spend 2k on it that she eventually never paid back. That was enough for me to realize that unless we are legally married, nothing credit wise will be joint.

My Ex got a little happy with a CC, too! I can laugh about it now but paying BoA back $6K stung at the time.

In some states, people can be sued for spousal debt. That's pretty scary, LOL!

Re: Never co-sign a loan. Never, ever ever.

The funny thing is this very topic came up a couple weeks ago at my job. A co worker told me he was making his girlfriend auth user on his new NFCU VISA, so she could buy things for their new place, without having access to his money via a debit card. I told him good luck, hope it works out lol.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.